Non-profit (NFP) organizations are driven to solve many problems and serve their communities. Learn how outsourced accounting and finance can help your non-profit accomplish your goals.
Non-profit (NFP) organizations are driven to solve many problems and serve their communities. That mission is extremely noble, but it also makes financial management a lot more complicated.
Since non-profit organizations are focused on their mission, program outcomes and fund development, accounting and finance are not their primary focus. However, since most of their funding comes from grants and donations, it’s imperative to manage money effectively, transparently, and compliantly.
The solution is not to recruit in-house accountants. Rather, it’s to introduce the features and benefits of a world-class accounting function instantly and cost-effectively. NFPs need multiple skills sets on a regular basis. That is possible with an outsourced accounting partner, and it’s the solution that non-profits increasingly turn to first. These are just some of the benefits:
Hiring accountants with extensive experience and expertise is both difficult and expensive to do. By outsourcing the financial function, NFPs can tap into a top talent pool without the challenges of maintaining in-house staff. These outsourced teams have experience working with a variety of non-profits and can handle the issues your organization encounters on a regular basis. From improving internal controls, to reducing the risks of fraud and even simplifying the audit process, an outsourced team of accountants will be able to handle your unique non-profit needs.
When accounting is outsourced decision makers within the NFP don’t have to dedicate time and resources to the issue. That frees them up to focus exclusively on the mission that drives their organization.
When the board of directors needs accurate and up-to-date financial information, outsourced accountants can provide this data before, during, and after crucial decisions.
Complying with the mandates of grants and restricted awards is much easier when outsourced accountants are tracking and managing spenddown of these funds.
Accounting technology offers impressive capabilities, but it’s often expensive to implement and difficult to learn. Outsourced accountants already know and use these technologies, giving an expansive upgrade to the existing accounting process.
NFPs must operate with speed, agility, and certainty, just like any organization. Preparing and distributing reports is much faster when an entire team of outsourced accountants is handling the process.
outsourcing the finance function often results in cost savings. It also eliminates the disruption of turnover and the costly process of recruiting and onboarding new employees
By working with an outsourced partner, you’ll have access to some of the brightest in the NFP accounting and finance space – from bookkeepers, to controllers and even CFO-level leaders. Discover how accessible and affordable this option really is by contacting our team at blumshapiro.